The Subtotal Net Assets Is Used in

question 90

Multiple Choice

The subtotal net assets is used in

• A)both GAAP and IFRS.
• B)GAAP but not IFRS.
• C)IFRS but not GAAP.
• D)neither IFRS nor GAAP.

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Definitions:

Slide

An error in accounting that occurs when a number is incorrectly transferred from one document to another, missing or adding a digit.

Error

A mistake or discrepancy in documents or calculations, often requiring correction or adjustment.

Trial Balance

A ledger summary sheet where the sums of all accounts are organized into equal columns for both debits and credits.

Error

A mistake in recording financial data, which can be due to miscalculation, oversight, or misunderstanding of accounting principles.